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11/3/2011 6:08PM

What Are Leading Art Collectors Buying?

Kelly Crow on Lunch Break looks at what some of the country's biggest art collectors, from Eli Broad and Lily Safra to Tom Pritzker and Ron Perelman, are buying now,and what they think is no longer a good buy. Photo: Sotheby's

This transcript has been automatically generated and may not be 100% accurate.

go ... like investors monitor every move made by Warren Buffett's noted art collector smarter than those of the few rich and famous collectors like Ronald from it with that Kelly Crow here ... to tell some of ... his tips others Tips for ... Getting in on the market not buying where it's bad buying where it's good when to hold on when to fold up with sort of thing received again with this ... I think the bull how many really great collectors LeClair ... well not today and Monday to everyone in fact fell while everyone is that if ... the temperature trend to gain in her sent to Korea for Chinese contemporary art he's buying art is the counterpart Donald bachelor or so and are saying is that caters to ... it you could be standing up to one million dollars to get some of these really great pieces that Ciena spanning ten or fifteen or twenty and presumably at the ... type of thing it's like a value stock promising they're looking for the values were everybody else is already going ... yes I think they're thinking about ... completely overlooked you know which are Desoer ... and really important our history better not trendy fashionable of the moment there so you can find some ... really good pictures Adap and EU now without blowing your Wailea you might grow ... in Odessa one of overpay for things he did want to spend a little over twenty million dollars in a bid to fix it ... I guess both share a few years back he doesn't regret ... that he said I don't ... love winning the record price write a I would much rather ... than get a nice filly and still you know I'm getting a fair price you don't get bragging rights when you're the one who paid the highest price for the right ... I mean in terms of looking for deals that's one lesson of the Notre Valmont factor I think it was one moment to talk about that ... not keeping your cool very hard to do in an auction were how does he manage it basically he doesn't go to the options and the representatives basically with the crisis and I were to pay over that amount ... that way to get the adrenaline into theatre at the moment what ... see his competitor and think I know I cannot get that guy I just keep going ... the distance and a representative of the data from Canada to get that great ... the same thing when and ... if you want to change at this election he trades pictures rather by telling them so that when he's able to get some of which it uses a fair price without you know getting getting caught up in the moment keep your head wish all of a price on the before we go to buy anything yet it's likely Pritzker tells about about his holdings at this ... great because what he did when he you know sometimes if you find ... a nice takes a little bit off the beaten path and you have to the whole strange yourself and back in the seventies he really discovered ... in DNN Tibetan antiquities and painting with that in a good devastating anywhere from twenty five thousand up to million for one ... that neither forty now classic iconic Queensland Polly Chiesi and he just Asbel to step ... in and now they share that artist in Chicago he's got a world-class collection ... probably without spending an hour more than a million pieces ... he says if the trip which is saying Kelly is that they become experts sometimes in a mixed day learn everything they can about business ... and that just enables them to be a set of collector that something all of us can learn from Cannington Herrick the Buxton Group says it all comes down to research and focus able to say no to things that don't fit within the framework of the collection ... and also having done enough homework to know that you're not gonna make a sucker by just because it looks pretty Your Benigno ... Kibaki's Mendon and Fran in nineteen o eight is just getting more valuable than one from nineteen ten he don't know that TGP respect but UN backed up in your house about looking at those Katikati and the collector Siddiqi has been paying ... you a pretty nice out to sea and discreetly before the judo for some of the other up folks to talk to just a week until the appetizer the store I just haven't really spoken out now before I think about the Clayton's of Lily Safra ... has been in over one million dollars in Japanese culture he years actually facts but an hour ... yes that's a good one that Michael Steinhardt hard he's a great collector he the class claims that would ease the credit figures ... Patricia L Disses in Aerosud well I know that ... drinking Latin American and contemporary that everybody yet yet to think that people you probably wouldn't be peaking every ... time I will I will will charter member of all the double that of flavour their sneak peek at the state to do and it is to be in Friday Journal tomorrow thanks Kelly ... I read ...